Cash, Crypto and Casinos, where next for payment?
The gambling and betting landscape in the US has seen a major overhaul in recent years, with legislation becoming more permissive in some states, allowing iGaming and online betting sites to flourish. In the modern, technological world, casinos have changed drastically since decades gone by, when casinos dealt purely in-person with cold hard cash. There is now a whole new world of online casinos which are accessible on the move across multiple devices, and offer a whole new range of user experiences, games and bonus offers. A vast amount of the money now being exchanged at casinos never passes from hand to hand – there is a huge new world of online transactions which has revolutionized the casino world forever.
So where next for payment methods in the world of casinos and sports betting? We’ve had a think about our three top predictions for how the landscape will continue to change in 2023 and beyond.
- More Instant Transactions
For those who are looking for an instant payout online casino in the usa, there’s never been a better time or more options to choose from. Many sites are now competing to offer the fastest transaction times, as players are keen to avoid waiting more than a day for their spends and winnings to be processed. We think that within the next few years, all transactions will be taking place almost instantly – or at least within a couple of hours. The top casino sites will need to compete with each other to offer the fastest transaction speeds, so we can be confident that pending transaction waiting times will continue to reduce throughout 2023 and beyond.
Many more people are also opting to use e-wallets like Skrill and PayPal, which is contributing to the increase in instant transactions. These e-Wallets tend to offer slick, secure and speedy transactions, making them the preferred mode of payment for many players out there today. Most of the major players already facilitate e-Wallet use on their sites, so it’s likely that this trend will continue. In the very near future, those who enjoy iGaming will come to expect instant transactions as a standard feature, and all major sites will need to speed up if they want to stay in the game.
- No More Fees?
Over the coming years, we might see a near total reduction of payment fees on all the top casino and betting sites. This is already a growing trend, as many of the top competitors are offering a fee-fee experience for those who sign up to their site, in order to compete with sites which still charge small withdrawal fees. It would be unsurprising if most sites soon follow suit, in order to keep their user base happy and compete with other major players.
The rising use of E-wallets also suggests we are headed towards an online betting landscape in which fees become a thing of the past. E-wallets have made it easier, faster and safer for people to make secure payments all across the world, and there are now plenty of e-Wallets to choose from on all devices. Many people now opt for casino sites which accommodate PayPal payments, due to its secure encryption and super fast deposit and withdrawal speeds, which make for a far smoother experience. PayPal does not charge transaction fees when depositing and withdrawing cash – if this trend continues, and PayPal dominates the world of online casino payment, we’ll certainly be saying goodbye to fees in the very near future.
- The Rise of Cryptocurrencies
There has already been a lot of speculation about the role of cryptocurrencies in 2023, and it’s likely that they will continue to have a larger role to play in the iGaming world. This has been a hot topic for many people who are interested in the development of iGaming, as some predict that cryptocurrencies will become one of the most dominant payment methods for online casinos over the next few years. There are already some iGaming operators which facilitate the use of digital currencies – known as ‘crypto casinos’, these sites allow certain digital payments using cryptocurrencies, alongside more traditional payment methods.
It will be interesting to see how things develop over the next few years, as the use of cryptocurrencies could be a gamechanger for the iGaming industry. However, some people are a little more sceptical of this, and believe that the traditional payment methods will remain the favorite option for players and operators alike. There’s still a long way to go before all cryptocurrencies can be used freely across the web – and even today, crypto casinos might accept payment from one cryptocurrency but not from another. It’s therefore tricky to predict where things will end up, but we can certainly predict that the use of cryptocurrencies will rise in 2023 across the online casino world.
